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Lloyd’s and Arch Specialty Insurance Co. do not have to cover the legal expenses of Texas financier R. Allen Stanford, a federal judge ruled last month.

According to court documents from the U.S. District Court in Houston, Judge Nancy F. Atlas has ruled the insurers “have met their burden to show a substantial likelihood that the preponderance of the evidence would demonstrate that the money laundering exclusion applies” and the insurers do not have to provide coverage for defense costs.